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Intel Corp (NASDAQ:INTC) stock is trading higher Tuesday amid reports of the chip designer being in discussions with the U.S. government to bag a record sum under the U.S. Chips Act, as it strives to tap the artificial intelligence frenzy.
The company could win over $10 billion in loans and direct grants.
Also Read: Intel Gears Up for Future with ASML’s Advanced Chip Machine, Set to Advance AI Processing
The 2022 Chips Act earmarked $39 billion in direct grants, loans, and guarantees worth $75 billion to help the U.S. empower its semiconductor technology position.
Previous reports also indicated Intel’s plans to secure a minimum of $2 billion in equity to fund the construction of a semiconductor fabrication plant in Ireland.
Recent reports also suggested that Brookfield Infrastructure Partners has committed up to $15 billion for a 49% share in Intel’s manufacturing expansion at its Ocotillo campus in Chandler, Arizona.
Intel focuses on the emerging AI PC market by looking at AI processing to individual devices.
Intel analysts projected a first-quarter miss with $13.5 billion in sales, down 11% sequentially, below the consensus decline of 6% sequentially on multiple headwinds, including Mobileye outlook cut, PC seasonality, weak industrial/auto, networking, and muted enterprise.
Meanwhile, GlobalFoundries Inc (NASDAQ:GFS) won $1.5 billion in grants under the U.S. Chips Act.
Price Action: INTC shares traded higher by 0.75% at $43.84 on the last check Tuesday.
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